Question

Anant, Gulab and Khushbu were partners in a firm sharing profits in the
ratio of 5: 3:2. From 1.4.2014, they decided to share the profits equally.
For this
purpose the goodwill of the firm
was valued at
* 2,40,000.
Pass necessary journal entry for the treatment of goodwill on change in
the profit sharing ratio of Anant, Gulab and Khushbu.

Answer 1

let the rational part is x

anant-5x

gulab-3x

khusbhu-2x

a/q- 5x+3x+2x=240000

or,20x=240000

so,x=240000÷20=12000

anant-5x=5×12000=60000

gulab-3x=3×12000=36000

khushbu-2x=2×12000=24000